← Business basics for teens lesson New set →

Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 319 · 40 questions
TalentJR

Business tip (Revenue in, profit left): Sole trader: one owner, keeps all the profit, owes the debts, simplest to start. Company: a separate legal body, owned by shareholders, run by directors, owners’ risk limited. Revenue = price × number sold. Profit = revenue − costs, so costs = revenue − profit. Teens run a business with adult help; tax and legal questions go to an adult or an expert.

NameDateTime takenScore ___ / 40
  1. 1.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
  2. 2.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
  3. 3.A small business sells 24 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
  4. 4.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
  5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
  6. 6.A small business sells 27 friendship bands at ₹15 each. What is its revenue (in ₹)?
  7. 7.A small business selling jute bags had a revenue of ₹110 and a profit of ₹10. What were its costs (in ₹)?
  8. 8.A small business sells 21 clay diyas at ₹15 each. Its costs are ₹120. What is its profit (in ₹)?
  9. 9.True or false: “simplest to start” is true of a company. (a) True (b) False
  10. 10.A small business selling glasses of chai had a revenue of ₹1540 and a profit of ₹670. What were its costs (in ₹)?
  11. 11.A small business selling potted plants had a revenue of ₹430 and a profit of ₹340. What were its costs (in ₹)?
  12. 12.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  13. 13.A small business sells 29 glasses of chai at ₹15 each. Its costs are ₹130. What is its profit (in ₹)?
  14. 14.A small business selling potted plants had a revenue of ₹1000 and a profit of ₹990. What were its costs (in ₹)?
  15. 15.A small business sells 21 handmade cards at ₹25 each. What is its revenue (in ₹)?
  16. 16.A small business selling fruit cups had a revenue of ₹270 and a profit of ₹10. What were its costs (in ₹)?
  17. 17.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
  18. 18.A small business sells 58 jute bags at ₹25 each. Its costs are ₹1070. What is its profit (in ₹)?
  19. 19.True or false: “run by directors” is true of a company. (a) False (b) True
  20. 20.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) a separate legal body (d) simplest to start
  21. 21.A small business sells 45 cupcakes at ₹40 each. Its costs are ₹990. What is its profit (in ₹)?
  22. 22.A small business selling paper bookmarks had a revenue of ₹825 and a profit of ₹805. What were its costs (in ₹)?
  23. 23.A small business selling glasses of chai had a revenue of ₹1320 and a profit of ₹1270. What were its costs (in ₹)?
  24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
  25. 25.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
  26. 26.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
  27. 27.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
  28. 28.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
  29. 29.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
  30. 30.A small business sells 50 painted pebbles at ₹40 each. Its costs are ₹1730. What is its profit (in ₹)?
  31. 31.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
  32. 32.True or false: “a separate legal body” is true of a company. (a) False (b) True
  33. 33.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
  34. 34.A small business sells 50 fruit cups at ₹15 each. What is its revenue (in ₹)?
  35. 35.A small business sells 29 handmade cards at ₹10 each. Its costs are ₹250. What is its profit (in ₹)?
  36. 36.A small business selling paper bookmarks had a revenue of ₹1935 and a profit of ₹1315. What were its costs (in ₹)?
  37. 37.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
  38. 38.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
  39. 39.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
  40. 40.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) run by directors (d) simplest to start

Answer key

  1. a one-owner business
  2. False
  3. 1200
  4. its shareholders
  5. profit
  6. 405
  7. 100
  8. 195
  9. False
  10. 870
  11. 90
  12. a company
  13. 305
  14. 10
  15. 525
  16. 260
  17. revenue
  18. 380
  19. True
  20. a separate legal body
  21. 810
  22. 20
  23. 50
  24. a sole trader
  25. profit
  26. only with adult help
  27. revenue
  28. True
  29. a sole trader
  30. 270
  31. a sole trader
  32. True
  33. a company
  34. 750
  35. 40
  36. 620
  37. True
  38. owners’ risk is limited
  39. profit
  40. run by directors

Free entrepreneurship lessons, practice and worksheets at talentjr.in/entrepreneurship-for-kids